We can’t reinstate suspended board of Ibadan DISCO, we’re constrained by court, NERC cries out

We can’t reinstate suspended board of Ibadan DISCO, we’re constrained by court, NERC cries out

House of Representatives Committee on Power, yesterday, issued a 48-hour ultimatum to Nigerian Electricity Regulatory Commission, NERC, to reinstate suspended Board of Ibadan Electricity Distribution Company, IBEDC.

Chairman of the House Committee on Power, Daniel Asuquo, who issued the ultimatum during the investigative public hearing on the ‘Need to save Ibadan DISCO Plc,’ harped on the need for the regulatory agency to desist from any act that could send wrong signals to investors. The lawmaker, who cautioned against the utilisation of public funds to prosecute cases, underscored the need for all parties involved to put public interest above individual gains. The Ibadan DISCO Board was suspended by NERC, sequel to the delay in the payment of $185.6 million facility given to Integrated Energy Distribution and Marketing Company, IEDC, obtained from a consortium of six banks that financed the acquisition of Ibadan DISCO facility and Yola DISCO respectively. According to the document made available to the House, the facility was given to IEDC, parent company and holder of 60 per cent equity of Ibadan DISCO between May 2015 and May 2016. While responding to inquiry, James Momoh, NERC chairman and Olufunke Dinneh, General Manager (Legal), argued that the commission was constrained by the ruling of the Federal High Court to maintain status quo, adding that presentation by the commission before the committee would be prejudicial. He added that the parties were also asked to desist from any action that would meddle with the litigation.

Watch Also: Nigeria’s Nat’l Sovereign Investment Authority reports N26.28 billion profit

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.